(HTGC) Hercules Capital - Overview

Sector: Financial Services | Industry: Asset Management | Exchange: NYSE (USA) | Market Cap: 2.968m USD | Total Return: -4.4% in 12m

Venture Debt, Growth Capital, Structured Debt, Equity Investments
Total Rating 23
Safety 47
Buy Signal -0.53
Asset Management
Industry Rotation: +4.2
Market Cap: 2.97B
Avg Turnover: 28.9M
Risk 3d forecast
Volatility18.7%
VaR 5th Pctl3.49%
VaR vs Median13.6%
Reward TTM
Sharpe Ratio-0.20
Rel. Str. IBD27.5
Rel. Str. Peer Group39.2
Character TTM
Beta1.005
Beta Downside1.341
Hurst Exponent0.477
Drawdowns 3y
Max DD29.37%
CAGR/Max DD0.48
CAGR/Mean DD1.67
EPS (Earnings per Share) EPS (Earnings per Share) of HTGC over the last years for every Quarter: "2021-03": 0.3, "2021-06": 0.29, "2021-09": 0.33, "2021-12": 0.35, "2022-03": 0.3, "2022-06": 0.32, "2022-09": 0.39, "2022-12": 0.47, "2023-03": 0.48, "2023-06": 0.53, "2023-09": 0.52, "2023-12": 0.56, "2024-03": 0.5, "2024-06": 0.51, "2024-09": 0.51, "2024-12": 0.49, "2025-03": 0.45, "2025-06": 0.5, "2025-09": 0.49, "2025-12": 0.48, "2026-03": 0.48,
EPS CAGR: 11.42%
EPS Trend: 41.8%
Last SUE: 0.42
Qual. Beats: 0
Revenue Revenue of HTGC over the last years for every Quarter: 2021-03: 98.362, 2021-06: 115.326, 2021-09: 57.355, 2021-12: 40.241, 2022-03: 29.72, 2022-06: 21.666, 2022-09: 87.429, 2022-12: 100.572, 2023-03: 134.155, 2023-06: 135.306, 2023-09: 67.917, 2023-12: 156.737, 2024-03: 133.355, 2024-06: 84.5, 2024-09: 110.795, 2024-12: 102.246, 2025-03: 92.405, 2025-06: 127.633, 2025-09: 169.31, 2025-12: 157.748, 2026-03: 95.928,
Rev. CAGR: 48.70%
Rev. Trend: 47.7%
Last SUE: -1.45
Qual. Beats: -1

Warnings

No concerns identified

Tailwinds

No distinct edge detected

Description: HTGC Hercules Capital

Hercules Capital (NYSE: HTGC) is a specialty finance company operating as a Business Development Company (BDC). The firm focuses on providing senior secured venture debt, growth capital, and structured debt solutions to venture capital-backed companies across various stages, from expansion to established growth. Its investment portfolio primarily targets the technology, SaaS, life sciences, and sustainable energy sectors.

The BDC business model is characterized by providing non-dilutive capital to emerging companies that may lack the collateral or cash flow history required for traditional bank loans. As a regulated investment company, Hercules Capital must distribute at least 90% of its taxable income to shareholders annually to maintain its tax-exempt status at the corporate level. The firm frequently secures equity kickers, such as warrants, which provide potential upside during portfolio company liquidity events like IPOs or acquisitions.

Investors can further examine the firms portfolio health and dividend sustainability by reviewing the detailed analytics available on ValueRay.

Headlines to Watch Out For
  • Rising benchmark interest rates drive higher yields on floating-rate debt portfolio
  • Growth in venture capital funding activity increases new loan origination volume
  • Credit quality and loss rates within late-stage technology and life sciences portfolios
  • Equity warrant gains from portfolio company IPOs or mergers boost net asset value
  • Access to low-cost institutional debt capital impacts net interest margin spreads
Piotroski VR‑10 (Strict) 2.5
Net Income: 331.9m TTM > 0 and > 6% of Revenue
FCF/TA: -0.07 > 0.02 and ΔFCF/TA -4.81 > 1.0
NWC/Revenue: -0.51% < 20% (prev -44.00%; Δ 43.48% < -1%)
CFO/TA -0.07 > 3% & CFO -351.7m > Net Income 331.9m
Net Debt (2.51b) to EBITDA (357.6m): 7.02 < 3
Current Ratio: 0.94 > 1.5 & < 3
Outstanding Shares: last quarter (196.8m) vs 12m ago 12.22% < -2%
Gross Margin: 85.78% > 18% (prev 0.80%; Δ 8.50k% > 0.5%)
Asset Turnover: 12.43% > 50% (prev 9.67%; Δ 2.76% > 0%)
Interest Coverage Ratio: 3.55 > 6 (EBITDA TTM 357.6m / Interest Expense TTM 100.6m)
Altman Z'' 0.60
A: -0.00 (Total Current Assets 42.4m - Total Current Liabilities 45.2m) / Total Assets 4.83b
B: 0.01 (Retained Earnings 56.9m / Total Assets 4.83b)
C: 0.08 (EBIT TTM 357.3m / Avg Total Assets 4.43b)
D: 0.02 (Book Value of Equity 57.1m / Total Liabilities 2.60b)
Altman-Z'' Score: 0.60 = B
Beneish M -2.75
DSRI: 0.86 (Receivables 40.4m/33.1m, Revenue 550.6m/389.9m)
GMI: 0.93 (GM 85.78% / 79.68%)
AQI: 1.01 (AQ_t 0.99 / AQ_t-1 0.97)
SGI: 1.41 (Revenue 550.6m / 389.9m)
TATA: 0.14 (NI 331.9m - CFO -351.7m) / TA 4.83b)
Beneish M-Score: -2.75 (Cap -4..+1) = A
What is the price of HTGC shares? As of May 18, 2026, the stock is trading at USD 15.53 with a total of 1,532,170 shares traded.
Over the past week, the price has changed by -1.35%, over one month by -0.18%, over three months by +3.32% and over the past year by -4.35%.
Is HTGC a buy, sell or hold? Hercules Capital has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy HTGC.
  • StrongBuy: 3
  • Buy: 3
  • Hold: 3
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the HTGC price?
Analysts Target Price 19.3 24.3%
Hercules Capital (HTGC) - Fundamental Data Overview as of 15 May 2026
P/E Trailing = 8.9101
P/E Forward = 8.9686
P/S = 5.3519
P/B = 1.357
P/EG = 0.5247
Revenue TTM = 550.6m USD
EBIT TTM = 357.3m USD
EBITDA TTM = 357.6m USD
Long Term Debt = 2.54b USD (estimated: total debt 2.55b - short term 15.2m)
Short Term Debt = 15.2m USD (from shortTermDebt, last quarter)
Debt = 2.55b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.51b USD (from netDebt column, last quarter)
Enterprise Value = 5.48b USD (2.97b + Debt 2.55b - CCE 42.4m)
Interest Coverage Ratio = 3.55 (Ebit TTM 357.3m / Interest Expense TTM 100.6m)
EV/FCF = -15.58x (Enterprise Value 5.48b / FCF TTM -351.7m)
FCF Yield = -6.42% (FCF TTM -351.7m / Enterprise Value 5.48b)
FCF Margin = -63.88% (FCF TTM -351.7m / Revenue TTM 550.6m)
Net Margin = 60.28% (Net Income TTM 331.9m / Revenue TTM 550.6m)
Gross Margin = 85.78% ((Revenue TTM 550.6m - Cost of Revenue TTM 78.3m) / Revenue TTM)
Gross Margin QoQ = 70.66% (prev none%)
Tobins Q-Ratio = 1.14 (Enterprise Value 5.48b / Total Assets 4.83b)
Interest Expense / Debt = 1.10% (Interest Expense 28.1m / Debt 2.55b)
Taxrate = 21.0% (US default 21%)
NOPAT = 282.2m (EBIT 357.3m * (1 - 21.00%))
Current Ratio = 0.94 (Total Current Assets 42.4m / Total Current Liabilities 45.2m)
Debt / Equity = 1.15 (Debt 2.55b / totalStockholderEquity, last quarter 2.23b)
Debt / EBITDA = 7.02 (Net Debt 2.51b / EBITDA 357.6m)
 Debt / FCF = -7.14 (negative FCF - burning cash) (Net Debt 2.51b / FCF TTM -351.7m)
 Total Stockholder Equity = 2.20b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.49% (Net Income 331.9m / Total Assets 4.83b)
RoE = 15.11% (Net Income TTM 331.9m / Total Stockholder Equity 2.20b)
RoCE = 7.55% (EBIT 357.3m / Capital Employed (Equity 2.20b + L.T.Debt 2.54b))
RoIC = 6.33% (NOPAT 282.2m / Invested Capital 4.46b)
WACC = 5.52% (E(2.97b)/V(5.52b) * Re(9.52%) + D(2.55b)/V(5.52b) * Rd(1.10%) * (1-Tc(0.21)))
Discount Rate = 9.52% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 10.33%
 [DCF] Fair Price = unknown (Cash Flow -351.7m)
 EPS Correlation: 41.81 | EPS CAGR: 11.42% | SUE: 0.42 | # QB: 0
Revenue Correlation: 47.71 | Revenue CAGR: 48.70% | SUE: -1.45 | # QB: -1
EPS current Quarter (2026-06-30): EPS=0.49 | Chg30d=+2.33% | Revisions=+20% | Analysts=8
EPS next Quarter (2026-09-30): EPS=0.49 | Chg30d=+0.93% | Revisions=-14% | Analysts=8
EPS current Year (2026-12-31): EPS=1.96 | Chg30d=+1.38% | Revisions=+0% | GrowthEPS=+2.4% | GrowthRev=+10.5%
EPS next Year (2027-12-31): EPS=1.98 | Chg30d=+1.03% | Revisions=+25% | GrowthEPS=+1.3% | GrowthRev=+7.4%
[Analyst] Revisions Ratio: +25%